The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1887-04-07
The Debt Question in the Legialatnra

During the past week there has been consitl-
cradle talk about the debt question in the
Legislature. Variogs schemes and devices have
been proposed and discussed. The outcome
was the adoption of the following resolution.
as the basis for a response by the Governor to
the cablegram of the bondhoiders
Whereas the Governor has communicated to
the General Assembly that the Council of For
eign Bondholders have proposed the appoint
ment of d commission on the part of the State
ofVirginia TO confer with commission 10 be
appointed by them looking to final settlement
of the debt, therefore be it
Resofred b3f{he Senate (the House OF Delegates
conculring) Thatajoint committee consisting
of three members of the Senate and five of the
House be appointed by the presiding officers oi
the respective houses, who shall be charge
with the duty-frst. of meeting with conf
mission from the Council of Foreign Bond
holders and ascertaining what amount OF the
pohus OF Virginia IS owned Or controlled ny
said Council of Foreign Bondholders second,
10 demonstrate to said commission the inability
or the people or the State to bear ii greater
burden of taxation, and also to show what are
Inc revenues and the necessary expenditures
OF Inc government and the ayailGDle resources
loi lne payment of interest, and to point olf TO
them that which addresses itself to their inter
esIs as Wen as to the interest of the state.
q mat upon the passage of these resolutions
the Governor ofthe CommonWeal shall COM
munlcate copyto the Council of Foreign Bond
holders and announce TO them that the COM
mlttee appointed hereunder will receive their
commission in the city of Riehniond and at as
e early DAY as practicable not later than April
g. The powers and functions of the commit
tee hereby created shall cease and determine
whenever the General Assembly shall TX d
time Tor adjournment sine die.
Subsequent TO the adoption OF these resolu-
Hons Gov. Lee cabled the following:
COMMONWEALTH OF VIRGINIA.
GOVERNORS OFFICE.
Richmond, March 29th, 1857
Right Honorable q, p. Bouuerie. Chairman Of Jlr-
ginio Committee, Corporation Of Foreign Boad-
holders. London, E9tGiO3lH.
A joint committee of three senators and five
representatives has been appointed by the
Legislature to receive in Richmond commits
sion from your Council at as early cay as
practicable. not later than April 2Dth next.
This legislative committee is charged with the
1.-The duty of meeting your commission and as
ceItaining what amount OF the bonds OF Viz
glnia is owned or controlled by said Council OF
Foreign Bondholders to demonsii late to said
commission the inability of the people of the
state TO bear q greater burden of taxation, and
also to show what are the revenues and the
necessary expenditures OF the government and
the available revenues for the payment of in
terest, end to point out to them that which adj
dresses itself to their interests Well as to the
interest of the State" A conference of your
representatives with this legislative committee
is particularly desirable now, because the Cen
eral A ssembly being in session can act at once
on The result reached by the joint commission.
FITZHUGH LEE,
Governor of Virginia.
On Thursday last Mr. James P. Cooper, the
financial agent the foreign bondholders. who
arrived in Richmond on Wednesday night, de
livered to the Governor a letter from Right
Hon. IL. PiayoeH Bouverie, chairman OF the
council offoreign bondholders The letter is
dated at London, March 10th. the very day the
General Assembly met in extra session. MIR.
Bouverie's letter is very full giving the histo-
~ of the corporation OF which he is the head
In concluding, the gentleman says that the
bondholders are of the opinion that fair set
Element can be arrived, and that any arrange
ment which comments itself 10 them viii be
b0ndhOfGPrS
The opinion is expressed that the longer such
a settlement is deferred the more difficult it
will be to obtain the unanimous support OF the
bondholders The Governor is reminded that
the bondhOlderS were not granted an opportu-
nifty Of presenting sheir claims at the passage
of the Riddleberger act, and they cannot be-
expected to acquiesce in a settlement in which
they have not been consulted. Tney ask for q
com promise by consent, not by coercion. The
letr expresses willingness to appoint qualified
representatives to meet commission from
Virginia at any time desired, Mr.. Bouverie
closes by saying that when the desired end is
accomplished the committee will withdraw its
agents and repreSe natives in Virginia, and
loyalty cooperate with the State in obtaining
the acceptance by all creditors of such terms
as may be agreed upon. Gov. Lee sent the let
ter to both branches of the Assembly, where it
was ordered to be printed.
On Friday the Governor received The follow
ing reply to his message from the Chairman OF
the Council OF Foreign Bondholders;
LONDON, April /, 1887
To His EIcellency. Goue,7,o1. Lee, Richmond.
Your cable of the 3lst is satisfactory 1t is es-
sential, however, that sufficient time be allow
ed 1or due examination and discussion of the
question. Would the Legislature suspend and
reassembe after. say thirty days. TO receive
the report Of the committee, or viii your COM
mittee have power 10 sit after the dissolution
OF the present Legislature and report to the
next Legislature? If the deliberations were
limited to the present sitting of the Legisla-
ture, the few days after arrival in Virginia
would be altogether insufficient, and it would
be useless in our sending a com mission, Now il
would be better under such circumstances, to
postpone the commission until autumn. Is my
letter of March 10th as to the bonds represented
and controlled by this Council satisfactory? |
await cable reply. BoUVETIE
The Governor at once sent'a copy Of the
above to eacn branch of the General Assembly
by his Oriyate pcrptary with